In order to investigate the variation of microstructure and property of the Electro-slag Remelted M2 steel, microstructure observation, hardness, and bending test were performed by using optical microscope. SEM/EDS, rockwell hardness tester, charpy impact tester and bending tester, respectively. It was revealed that the number of inclusions and content of gas elements(S, O, N) in M2 steel fabricated by ESR process decreased markedly compared to those of AIM. It seems to be due to refining effect of ESR process. The volume fraction of carbides in quenched and tempered specimens after austenitizing at 1150$^{circ}C$ and 1240$^{circ}C$ was measured. The volume fraction of grain boundary carbides were found to be similar for both specimens. However, The volume fraction of carbides in grain decreased with an increase of austenitizing temperature. When specimen was austenitized at 1150$^{circ}C$, grain boundary carbides showed needle like morphology. But, the carbides were broken with an increase of austenitizing temperature. The specimen austenitized at 1240$^{circ}C$ showed higher hardness and lower bending strength compared to that of 1150$^{circ}C$. As expected, toughness increased with sub-zero quenching treatment.